Features of the application of IFRS in the context of globalization and economic integration

UDC 657.6.012

Authors

Petrakova N. G.,
Candidate of Economic Sciences, Associate Professor of the Department of Economics and Finance of the OS IGSU RANEPA

Abstract

In modern conditions, despite the recent crisis in the economy and the aggravation of the foreign policy situation, active globalization and inte-gration of the economy continues. Against this background, activities are being carried out to implement and use international financial reporting standards in accounting practices in various countries. At the moment, the number of coun-tries where the application of IFRS is a mandatory requirement is increasing significantly. In XNUMX-XNUMX, a number of IFRS rules and regulations became mandatory for Russian organizations of certain forms and types of activity. In this regard, it seems appropriate to disclose the role of IFRS on a global scale and assess the consequences of their application in Russia based on the experi-ence of foreign countries.

Keywords

international financial reporting standards (IFRS), accounting, consolidated statements, business entities.